Despite being more bullish than I've been for a year, I have too much respect for the market to emulate a fellow I saw at Santa Anita a few years ago. He was running to the mutual window with cash in each hand. Running from the window, that I can understand.
Here's a comment at MarketBeat on Monday (the post discusses declining 2009 earnings estimates for the S&P in 2009*):
Comment by - February 3, 2009 at 11:22 amZero Hedge gets it:
The S&P will likely hit 880 today. Based on a conservative 2009 S&P earnings projection of 40, this implies a 22x forward multiple, which is a realistic 80% premium to the past 130 years' historical average of 12x. If only the economy could now just jump right to 2017 when the depression is hopefully over and the mutiple has some sort of vaguely remote credibility.*A Jan. 27 comment at MarketBeat when the analysts were looking for $71.00 S&P EPS:
Comment by - January 27, 2009 at 1:56 pm